Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions DateActivitiesUnits Acquired at CostUnits Sold at Retail Jan.1 Beginning inventory 620units@ $45 per unit Feb.10 Purchase 310units@ $42 per unit Mar.13 Purchase 120units@ $30 per unit Mar.15 Sales 770units@ $85 per unit Aug.21 Purchase 190units@ $50 per unit Sept.5 Purchase 520units@ $48 per unit Sept.10 Sales 710units@ $85 per unit Totals 1,760units 1,480units Required:3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 620 units from beginning inventory, 210 from the February 10 purchase, 120 from the March 13 purchase, 140 from the August 21 purchase, and 390 from the September 5 purchase. Perpetual FIFO Perpetual LIFOWeightedAverageSpecific IdCompute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.)Weighted Average Perpetual:Goods PurchasedCost of Goods SoldInventory BalanceCost per# of unitssoldCost per# ofunitsCostperunit# of unitsInventoryBalanceDateCost of Goods SoldunitunitJan 1620@$ 45.00$ 27,900.00Feb 10AverageMar 13Mar 15Aug 21AverageSept 5Sept 10Totals$0.00< Perpetual LIFOSpecific Id 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Forspecific identification, units sold consist of 620 units from beginning inventory, 210 from the February 10 purchase, 120 from the March13 purchase, 140 from the August 21 purchase, and 390 from the September 5 purchase.Complete this question by entering your answers in the tabs below.WeightedAveragePerpetual FIFO Perpetual LIFOSpecific IdCompute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 620 units from beginninginventory, 210 from the February 10 purchase, 120 from the March 13 purchase, 140 from the August 21 purchase, and 390 from the September 5purchase. (Round your average cost per unit to 2 decimal places.)Specific IdentificationCost of Goods Available for SaleCost of Goods SoldEnding InventoryCost ofGoodsAvailablefor SaleCost ofGoodsSold# of unitsin endinginventoryCost per# of unitsCost perCost perEndingInventory# of unitsunitsoldunitunitBeginning inventory620$45.00$ 27,000$ 45.00$Purchases:Feb 10310$ 42.0016,800210$ 42.008,820100$42.004,200March 13120$ 30.005,400$ 30.00Aug 21190 $ 50.005,000$ 50.00Sep 5520$ 48.0023,000$48.00Total1,760$ 77,200210$ 8,820100$ 4,200< Weighted AverageSpecific Id >

Name: Montoure Company uses a perpetual inventory system. It entered into th
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Description: Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions DateActivitiesUnits Acquired at CostUnits Sold at Retail Jan.1 Beginning inventory 620units@ $45 per unit Feb.10 Pur

FIFO-First in First Out-Units purchased earlier sold first LIFO-First in First Out-Units purchased…

Answered: Montoure Company uses a perpetual…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jan.

Beginning inventory

620

units

@ $45 per unit

Feb.

Purchase

310

units

@ $42 per unit

Mar.

Purchase

120

units

@ $30 per unit

Mar.

Sales

770

units

@ $85 per unit

Aug.

Purchase

190

units

@ $50 per unit

Sept.

Purchase

520

units

@ $48 per unit

Sept.

Sales

710

units

@ $85 per unit

Totals

1,760

units

1,480

units

Required:
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 620 units from beginning inventory, 210 from the February 10 purchase, 120 from the March 13 purchase, 140 from the August 21 purchase, and 390 from the September 5 purchase.

Perpetual FIFO Perpetual LIFO
Weighted
Average
Specific Id
Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.)
Weighted Average Perpetual:
Goods Purchased
Cost of Goods Sold
Inventory Balance
Cost per
# of units
sold
Cost per
# of
units
Cost
per
unit
# of units
Inventory
Balance
Date
Cost of Goods Sold
unit
unit
Jan 1
620
@
$ 45.00
$ 27,900.00
Feb 10
Average
Mar 13
Mar 15
Aug 21
Average
Sept 5
Sept 10
Totals
$
0.00
< Perpetual LIFO
Specific Id

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For
specific identification, units sold consist of 620 units from beginning inventory, 210 from the February 10 purchase, 120 from the March
13 purchase, 140 from the August 21 purchase, and 390 from the September 5 purchase.
Complete this question by entering your answers in the tabs below.
Weighted
Average
Perpetual FIFO Perpetual LIFO
Specific Id
Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 620 units from beginning
inventory, 210 from the February 10 purchase, 120 from the March 13 purchase, 140 from the August 21 purchase, and 390 from the September 5
purchase. (Round your average cost per unit to 2 decimal places.)
Specific Identification
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Cost of
Goods
Available
for Sale
Cost of
Goods
Sold
# of units
in ending
inventory
Cost per
# of units
Cost per
Cost per
Ending
Inventory
# of units
unit
sold
unit
unit
Beginning inventory
620
$
45.00
$ 27,000
$ 45.00
$
Purchases:
Feb 10
310
$ 42.00
16,800
210
$ 42.00
8,820
100
$
42.00
4,200
March 13
120
$ 30.00
5,400
$ 30.00
Aug 21
190 $ 50.00
5,000
$ 50.00
Sep 5
520
$ 48.00
23,000
$
48.00
Total
1,760
$ 77,200
210
$ 8,820
100
$ 4,200
< Weighted Average
Specific Id >

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